- DefinitionDeferred compensation awards of partners that have vested and are convertible to units of ownership. All partners include general, limited and preferred partners. Limited liability partnerships (LLPs) are formed in accordance with the laws of the state in which such entities are organized. Because those laws are not uniform, the characteristics of LLPs vary from state to state. However, LLPs generally have the following characteristics: An LLP is an unincorporated association of two or more "persons." Its members have limited personal liability for the obligations or debts of the entity. It is classified as a partnership for federal income tax purposes.
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 05
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6373239&loc=d3e69917-108052
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70434-108055
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
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